About the Engulfing Expert Advisor
The Engulfing Price Pattern Metatrader 4 Forex Robot is an automated trading software that utilizes an Engulfing chart pattern and some moving averages to trigger buy/sell trade signals that are executed on autopilot.
The Engulfing forex robot functions on all time frames on major currency pairs, for instance, GBP/USD, EUR/USD, USD/JPY, USD/CAD, etc.
You can test on other MT4 symbols as well.
The Engulfing EA can be further enhanced by tweaking the EA’s input values.
In addition, the Engulfing expert advisor automates the process of spotting these reversal patterns, and it acts on them by triggering buy and sell positions.
Position management on the Engulfing forex trading robot is flexible, and once values are set, the EA takes it from there.
Free Download
Download the “ENGULFING.mq4” MT4 robot
Key Features
Smart Pattern Recognition
Detects strong bullish and bearish engulfing candlestick formations to identify potential market reversals with high accuracy.
Automated Entry and Exit
Executes trades automatically when patterns are confirmed, including placement of stop loss and take profit levels.
Flexible Risk Settings
Allows traders to define risk per trade, adjust lot sizes, and customize stop loss and take profit for tailored risk management.
Trade Management Tools
Includes optional trailing stops, break-even settings, and dynamic trade management to lock in profits and reduce losses.
Strategy Tester Report
Find below the Engulfing Price Pattern forex robot strategy tester report for the EUR/USD forex pair on the 4-Hour chart.
Key Performance
The EA made a total profit of $2168.13 from a total of 73 trades.
The largest winning trade generated $392.16 in profits, while the largest losing trade generated a loss of $198.07.
Statistics:
Bars in test: 9991 ticks modelled
Initial deposit: $10000.00
Total net profit: $2168.13
Total trades: 73
Largest profit trade: $392.16
Largest loss trade: -$198.07
Consecutive wins: 4
Consecutive losses: 1
How the EA Works
- Scans the market for engulfing candlestick patterns.
- Confirms the pattern’s validity based on user-defined criteria.
- Places a buy or sell order when a valid pattern is detected.
- Sets stop loss and take profit levels according to predefined settings.
- Monitors open positions and adjusts stop loss to break-even or trailing stop as the trade progresses.
- Closes trades when the take profit is reached or if the market moves against the position.
Download Now
Download the “ENGULFING.ex4” Metatrader 4 robot
Parameters & Settings
- LotSize – defines the size of each trade
- StopLoss – sets the stop loss level in pips
- TakeProfit – sets the take profit level in pips
- Slippage – maximum allowed slippage
- TradingHours – defines the hours during which the EA is active
- MagicNumber – unique identifier for the EA’s trades
Recommended Trading Setup
- Currency Pairs: EURUSD, GBPUSD, USDJPY—liquid pairs with clear engulfing formations
- Timeframes: M15, H1, H4 for optimal engulfing pattern detection
- Broker: ECN or low-latency brokers to reduce slippage
- Risk Settings: Start with 0.5%–1% per trade on live accounts
- Environment: Use VPS hosting for continuous, stable execution
FAQ
Q: Can the EA detect both bullish and bearish engulfing patterns?
A: Yes, the EA identifies both types of engulfing candlestick patterns to capture potential trend reversals in either direction.
Q: Is it suitable for scalping strategies?
A: Yes, the EA can be used on shorter timeframes such as M5 or M15 for scalping, but users should adjust risk settings accordingly.
Q: Can it trade multiple currency pairs at the same time?
A: Yes, it can run on multiple charts simultaneously, provided each instance has a unique Magic Number to avoid trade conflicts.
Q: Does it include built-in risk management?
A: Yes, it offers adjustable stop loss, take profit, and optional trailing stop features to manage trades effectively.
Q: Do I need a VPS to run the EA?
A: While not mandatory, using a VPS ensures 24/7 operation and reduces the risk of missed trades due to connection issues.
Summary
The Engulfing Price Pattern Metatrader 4 Forex Robot is designed to automatically identify high-probability bullish and bearish engulfing patterns and execute trades accordingly.
Automated trade management, flexible risk settings, and support for multiple timeframes provide a reliable tool for traders seeking trend reversal opportunities.
